الأحد، 9 مايو 2021

UAE economy performs better than expected, on track towards recovery in 2021


 The UAE economy performed better than expected in 2020 despite the current global challenges brought about by the COVID-19 pandemic, said Abdulla bin Touq Al Mari, Minister of Economy, following the issuance of the preliminary results of the country’s economic performance by the Federal Competitiveness and Statistics Centre.

The results highlight the effectiveness of the proactive economic measures and incentive packages rolled out by the UAE government, based on policies that highlight the country’s speed and flexibility in responding to global changes, as well as its constant efforts to promote economic diversification.

The preliminary results of the UAE’s economic performance for 2020 revealed that the country's macroeconomic indicators had seen a relatively limited decline in gross domestic product and in thenon-oil GDP last year by 6.1 per cent and 6.2 per cent, respectively, at constant (real) prices compared to 2019. This is a comparatively low decline considering that the slump in major global economies reached several times lower.

Al Mari indicated that 2020 was an unprecedented year full of economic and health challenges that negatively impacted major global economies, and the UAE was not immune to the global economic system in this vulnerability. This is particularly so since the country's economy is linked through foreign trade, foreign investment, tourism and the logistical sector with the movement of trade and investment and global transportation, which declined significantly in 2020 worldwide.

However, the government's proactive economic policies in dealing with the repercussions of the crisis, and the launch of supportive economic packages had a positive role in limiting the negative effects of the pandemic on various vital sectors and on economic activity in particular.

The activation of all economic initiatives related to non-oil sectors and activities contributed positively to enhancing the stability of the country's non-oil domestic product in the year 2020, as it reached Dh1,005.6 billion at constant prices. Meanwhile, GDP at constant prices for 2020 amounted to Dh1,418.9 billion.

Besides, some components of real GDP spending activities (at constant prices for 2010) witnessed positive growth in 2020, as government spending achieved an increase of more than Dh1.17 billion over the year 2019. At the same time, investments resulting from capital additions achieved a 3.9 per cent growth, amounting to more than Dh13.1 billion in the year 2019.

In terms of negatively-affected economic activities among the components of real GDP for 2020 compared to 2019, accommodation and food services activities witnessed a negative growth of 23.6 per cent, as well as transportation and storage activities by 15.5 per cent. Wholesale and retail trade dropped by 13.1 per cent, while it decreased the activities of construction and building activities by 10.4 per cent. In addition, financial and insurance activities dropped by three per cent, while manufacturing industries recorded an increase of 0.2 per cent.

Al Mari underlined the importance of the initiatives implemented by the government with the participation of the private sector, including the efforts to improve procedures and legislation and diversify services, thus preserving the country’s position as an environment that attracts investments on an ongoing basis. These efforts also contributed to promoting foreign trade and opening up to the world as one of the components of international economic relations.

The success and complementarity of these policies also support the requirements for rapid economic recovery in 2021, promote future growth and sustainable development, achieve economic prosperity and decent living for all citizens and residents of the country, apart from highlighting the UAE’s capabilities and leadership at the regional and international levels.

The minister pointed out that the UAE continues the policy of economic openness as an approach and practice and is working on adopting a forward-looking vision to enhance its position as a global investment environment. These efforts fall in line with the directives and visions of the wise leadership, which believes in the importance of continuing work and employing all capabilities to enhance the national economy’s position as one of the region's most diverse and growing economies.

He added that with the continued implementation of the recovery plan and support packages for the economic sectors, the estimates of the Central Bank of the UAE indicate that the positive growth rates of the national economy will be restored by the end of 2021. It estimates a 2.5 per cent growth in real GDP, and 3.6 per cent in non-oil real GDP. These figures are expected to rise to 3.5 per cent growth in real GDP, and 3.9 per cent growth in non-oil real GDP in 2022.

The minister affirmed that the UAE government is keen to implement best practices that would support its efforts in managing the economic file and enhancing its flexibility in dealing with the challenges created by the global pandemic in the medium and long term. He added that the country's priorities are to accelerate economic recovery and the shift to the new economic model based on modern technology and fourth industrial revolution. Al Mari explained that the ministry, in cooperation with all concerned government entities, is working according to an ambitious vision to double our national economy over the next ten years, to reach Dh3 trillion by 2031.


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الخميس، 15 أبريل 2021

What Should A Reliable Audit Firm in Dubai Have?


 Every company knows the importance of an audit firm in Dubai. They are the pillar of risk management and good governance. Whether you want to hire an audit firm now or later, you need to ensure that the auditor who will take care of the task is experienced and has good knowledge about how auditing work is done.

Technical skills are mandatory, but apart from that, the non-technical attributes of an audit firm in Dubai are given paramount importance. An audit firm's overall performance has to be excellent to deliver your work in the right way. Agile auditing is becoming immensely important, which means auditors have to absorb new information whenever possible and remain lucid to adapt  rapidly for  changing business requirements.

Here are some of the qualities that you should look for in an audit firm:

Integrity

It is the responsibility of an auditor to analyze, advise, and also influence. However, these attributes are subject to disagreement and resistance at times. An auditing firm has to exhibit resilience and integrity and get to constructive resolutions whenever issues arise. An audit firm has to be self-confident and must do its auditing task diligently.

Experience

The decision-making skills of an audit firm will come into play when they are experienced. Look into the auditor firm's certifications, and talk to them about their number of experiences. The audit firm you will hire must have the right amount of taxation law, business, and accounting experience. Along with that, the auditor that will do your job must have the required computer operation skills because a lot of work has to be done on the computer. Look for someone who has completed a lot of successful audits; that's how you will tell whether an audit firm is experienced or not.

Decision Making Skills

The way an auditor makes decisions will tell a lot about how confident he or she is. Their decision should never be affected by anyone. Their reports, decisions, and actions should be based on impeccable analysis of the organization's decision. An expert audit firm will not have any favoritism or personal interest. They should do their work transparently and must be professional. If some findings are unclear, an audit firm should talk to the organization to understand those findings and ask the necessary questions. One small mistake can lead to penalties and fines; hence being careful is paramount.

Understanding Skills

The next thing a good audit firm should have is understanding abilities. Audit firms work with different companies, and each company will have different requirements. To make sure that an audit firm is doing its task carefully, he or she must understand the company they will perform an audit on first. It is the auditor's responsibility to understand the company first, analyze, and then find the working strategy no matter how small or big a company is.

Dependable

The audit firm that you will hire has to be dependable. Will the audit firm be available for the designated schedule, attend meetings whenever required, offer feedback, and share updates about the work progress? These are some of the crucial features that you should look for in an audit firm. Since an auditor will come to know many things about the company, you need to hire someone who will be dependable and trustworthy. The audit firm must not share any of the companies details with anyone at any cost. No matter what information the audit firm unearths, they must share it with the respected party only and not anyone else.

An audit firm's work is demanding and complex; that's why to remember these tips and then hire someone. Interview as many audit firms as you can to finally hire the right one.



 For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our

 website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax

 Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for

 Its needs which helps our clients comply with law requirements and Latest FTA Announcements.

 

الخميس، 8 أبريل 2021

How to Find the Right Tax Agent In Dubai?


   About a third of the Dubai population hire tax agents to file their tax returns. However, only a few of these people know about who these tax agents are. People know that they can help them in filing their tax returns, but other than that, more than 80% of the people never ask who they are, whether they are experienced in filing a tax return, and similar questions like that.

  Finding the right tax agent in Dubai is paramount, mainly because a tiny mistake can lead to fines and penalties. It is surprising that more than 75% of the people who hire a tax agent in Dubai never even ask if they will get represented in a tax audit. That's quite interesting because when someone hires a tax agent, they share almost everything with that agent, starting from their income to their bank accounts.

It is time to take tax agents' credentials seriously and find the right one; here are some tips that will help you.

Tip No. 1: Look into the Tax Agent's Expertise and Experience

  UAE tax is complicated, just like any other country, and that's why it is prudent to hire an experienced tax agent in Dubai who is acquainted with UAE tax and is well-versed with it. You will undoubtedly come along with many smart tax advisors; however, before selecting a good tax agent, one needs to prioritize experience. Having an experienced and well-regulated tax agent will be beneficial for the person hiring the tax agent.

Tip No. 2: Choose Someone Who Works Daily

   One may face tax-related issues any time and any day. This is the reason why choosing someone who does tax-related work throughout the year will be more beneficial. This way, you won't have to worry about the non-availability of the tax agent in Dubai. The tax agent will go through your present financial status, study it properly, and start preparing the report. Please keep in mind that no tax agent will be able to tell you the estimated savings in the beginning.

Tip No. 3: Look at the License of the Tax Agent

  Whenever you have to hire a tax agent in Dubai, always make sure to hire someone who has a legitimate and valid license from a council or government. No matter which tax agent you hire, since they will go through your financial record and everything, it is crucial to ask for a valid license before hiring that tax agent. This will save you from fraud since fraudulent tax agents are available in huge numbers.

Tip No. 4: Hire Someone Who has the Best Interest of your Business

  A tax agent  must be someone who has the best interest of your business in the heart. The moment a tax agent meets you, that agent should be ready with his license and must be present with all his previous work. Choose someone who asks you questions while preparing the tax report and not someone who keeps on waiting for your answers. The tax agent needs to be prompt.

Tip No. 5: Always Compare Fees

  Last but not least, talk to a few tax agents, and get all the required information. Once done, take some time to compare the prices of each agent. The tax agent should not be way too cheap or way too expensive. Someone who offers an affordable price but has a good amount of experience and a valid license is the one you should go for.

These are some tips that will help you find the right tax agent. Follow them, and you will find a good tax agent in Dubai.



 For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our

 website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax

 Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for

 Its needs which helps our clients comply with law requirements and Latest FTA Announcements.

 

الأربعاء، 31 مارس 2021

This can help you invest like a professional

 



 

Learning to invest is like learning a new language. It’s easy to get lost or feel overwhelmed – that’s why you need a professional on your side. AHG CHARTERED ACCOUNTANTS is ready to support you right through your wealth journey.

Here are the top reasons why it’s the best fit for you.

  Regularly reviewing your financial situation is a good idea even if your life doesn’t seem hectic or eventful — in fact, that could be the best time to sit down and do a thorough 360-degree review. AHG will have an in-depth conversation to understand your current financial position, goals and needs and determine the suitable investment  for you. A talented team of accountants with their combined efforts and capabilities – including insurance and treasury specialists – keep a close eye on client financial transaction throughout the year.

Market research on the go

    You can stay updated on key global market developments, Find out what's trending through the bank’s comprehensive market research reports and in-depth monthly articles on hot topics.

Daily market reports

   You will have to follow daily market reports so that you remain updated on highlights and forecasts for key currencies. Also, you will have to be aware of any volatility and growing trends – along with the short-term and long-term performance of various markets and regions, so you can make canny investments. Knowledge is power as they say.

Grow your business up

   Over time, it’s inevitable that both your personal circumstances and market conditions will change, therefore any business new or old, big or small, needs efficient accounting services to sustain and grow. Having your accounts in top shape all the year round is remarkable achievement that can help your business function smoothly and provide grounds for sound and promising business decisions. Moreover, regular following up  reports will be advisable to have a peace of mind. AHG advises to have a team selection based on financial advisory, investment knowledge and dedication and you will be on the right track in terms of your objectives.

 We as a professional accountants company

   You would  not only have availed the services of highly qualified, experienced professionals

 not commonly available at an affordable price for small businesses, you would also have

 more time and saved resources to run your business successfully.

Given the opportunity to work for your promising company, we will prove with our dedication

 and high performance that you have actually bought peace of mind for yourself in the guise of

 our professional accounting services.


For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our

 website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax

 Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for

 its needs which helps our clients comply with law requirements and Latest FTA Announcements.

الأربعاء، 24 مارس 2021

How to start a business in UAE without money ?

                                                                                                                                                                                                                                                        




      Dubai: Let’s say you want to be in business for yourself but you have little or no cash to put up as capital. Then you are well aware that the funding options for start-up businesses are severely restricted.

You also may even have heard that only about 3 per cent of people looking for substantial outside funds to launch a new venture ever raise the capital they require. So what do you do?

Most are programmed to begin the process of looking for new business opportunities by asking themselves: “Where is there a gap in the market and how can I fill that gap?” A gap could be an unfilled customer need or a new invention yet to be brought to market.

Next, we consider the resources necessary to make the goal a reality by going out in search of those resources. We write a business plan and present it to potential financiers with the promise of a return on investment

      Then comes the matter of start-up investment:

   If the financiers like the business proposition or investment idea, they provide with the start-up capital to launch the business. However, this is a situation where in many get stuck – when one cannot come up with the required money.

 Most times, business experts believe that people find it difficult to raise the resources they require, causing the entire project to fail from launching. There is an alternative route to creating a new venture.

Matter experts add that instead of starting with the question, “Where is there a gap in the market and how can I fill it?” ask yourself, “What do I have and who do I know?”

 If you’re thinking about how to start a business with no money, you have resources at hand that you have yet to tap into. Your skills, knowledge, passion, and experience are the tools that could build your business.

So before money, locate where your interests and passions lie. These will be the foundation of the work you end up doing. Although money is essential, what you cannot do without is awareness and command of your inner resources. So start a list and compile what are all the resources in and around you that you can use for your business?

Although there are many benefits to starting your entrepreneurial journey by asking “what do I have and who do I know?” there are also downsides to this approach which may require further action to overcome the negative consequences.

   That's why you need to contact AHG CHARTERED ACCOUNTANTS to assist you  and to take care of all your accounting needs . You can ensure a step in the right direction.

For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for its needs which helps our clients comply with law requirements and Latest FTA Announcements.

الخميس، 12 مارس 2020

Coronavirus: Trump vows 'major' steps to aid US economy President to discuss payroll tax cut with congressional Republicans on Tuesday

US President Donald Trump, left, listens as Vice President Mike Pence speaks during a news conference in Washington, D.C., U.S.

Washington: President Donald Trump on Monday said he will be taking “major” steps to gird the economy against the impact of the spreading coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday.
“We’ll be discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s a big number,” Trump told reporters.
He did not provide details but said a news conference will be held on Tuesday.
Vice President Mike Pence said the administration was consulting Congress on providing paid sick leave to workers, an idea that Democrats already have been trying to advance.
The stepped-up response to the coronavirus came as the number of confirmed cases in the United States hit 605, according to Johns Hopkins University. Three additional deaths in Washington state, according to local officials, brought the total nationwide to 25.
Earlier Monday, Johns Hopkins said that worldwide, there are 113,584 cases, with 3,996 deaths, the majority in China.
The Trump administration moves came as stock markets plunged and top health officials urged some people to avoid cruise ships, air travel and big public gatherings.
The administration was planning to huddle in coming days with executives of the banking, hospital and health insurance industries.
While an across-the-board payroll tax cut has been under discussion, top White House economic adviser Larry Kudlow and others have advocated specific tax credits, loans or direct subsidies to certain industries or hard-hit areas.
A payroll tax cut could encourage consumer spending and help households that might otherwise struggle to make rent and mortgage payments on time or pay medical bills if family members’ work hours are reduced during the coronavirus outbreak.
In Florida, state health officials said everyone returning from China, Iran, South Korea and Italy must isolate for 14 days while travelers from other countries affected by the outbreak should monitor their health.
Thirty-four US states and the District of Columbia have reported to the US Centers for Disease Control and Prevention (CDC) infections of the respiratory illness COVID-19 that can lead to pneumonia. Louisiana had its first presumed coronavirus case, Governor John Bel Edwards announced on Monday.
As worries over the virus deepened, a wave of selling took over Wall Street. The Dow fell a record 2,000 points when trading opened and the S&P 500 posted its largest single-day percentage drop since December 2008, the depths of the financial crisis. A nearly 25 per cent plunge in oil prices contributed to fears of a looming recession.
Trump, who often points to the stock market as a gauge of his economic record, criticized news media organizations’ coverage of the coronavirus outbreak in a tweet and accused Democrats of hyping the situation “far beyond what the facts would warrant.” The CDC advised colleges and universities to consider asking students studying abroad to return home and cancel or postpone upcoming travel.
Several US universities were either moving to virtual instruction or considering the step and limiting gatherings on their campuses.
Anthony Fauci, head of infectious diseases at the National Institutes of Health, and other health officials say older Americans, especially those with chronic medical concerns, should avoid big social gatherings, cruise ships and airline flights.
As leaders in the US Congress reviewed potential plans for operating amid coronavirus, four Republican lawmakers — Senator Ted Cruz and Representatives Paul Gosar, Doug Collins and Matt Gaetz — announced that they would self-quarantine after coming in contact at a conservative political conference with an attendee who later tested positive for the virus.
Gaetz traveled with Trump aboard Air Force One on Monday.
Republican Representative Mark Meadows, Trump’s incoming chief of staff, will self-quarantine until Wednesday, a spokesman said.
Trump and Vice President Mike Pence, who is heading the administration’s overall response to the crisis, also attended the conference. The White House said there was no indication either came into contact with the infected attendee.
The White House late Monday said that Trump had not received the coronavirus test. Earlier, Pence told reporters that he has not been tested for the virus.

Cruise ship

The coronavirus outbreak, which originated in China late last year, has spread to at least 105 countries and territories.
Italy, which has the second-highest death toll, said it was extending to the rest of the country restrictions on movement imposed on much of its wealthy industrial north in an effort to contain the spread of the virus.
The hardest-hit place in the United States has been a nursing home in the Seattle suburb of Kirkland, and Washington state is considering mandatory measures such as banning large gatherings but not necessarily imposing massive quarantines.
The Life Care Center facility has accounted for most of the 18 confirmed coronavirus-related deaths in Washington state. The three new deaths reported on Monday were all former residents of the facility.
In California, officials planned to offload 2,400 passengers on Monday and Tuesday from the Grand Princess cruise ship, which was barred from returning to San Francisco last week due to a coronavirus outbreak on board.
Most of the passengers will go into quarantine at military bases in the United States, with those requiring immediate medical attention heading to hospitals. The crew of 1,100 will be quarantined and treated aboard the ship, unless they are in need of acute care off the vessel.
California has more than 100 confirmed cases, while on the East Coast, cases in New York state rose to 142, up from 105 a day earlier, Governor Andrew Cuomo said on Monday.
Among them was Rick Cotton, executive director of the Port Authority of New York and New Jersey, which controls the region’s airports and other major travel hubs. Cotton will be quarantined and work from home, Cuomo said.
New York City Mayor Bill de Blasio asked employers in the nation’s most populous city to consider staggering workers’ start times to ease crowding on public transport and to allow more telecommuting where possible. De Blasio said there were 20 confirmed cases in the city as of Monday afternoon.

For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our website www.a-h-g.net or drop us an email on info@a-h-g.net
We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for its needs which helps our clients comply with law requirements and Latest FTA Announcements.

الخميس، 5 مارس 2020

UAE rules out any VAT increase Assessment of VAT impact requires data of three to five years, says minister

The UAE will not immediately follow through on IMF recommendations related to VAT increases, a senior UAE minister said.


Abu Dhabi: The UAE ruled out any increase the value added tax (VAT to be accordance with recent IMF recommendations.
“We are not concerned about the recommendations to increase the value-added tax,” the UAE’s Minister of State for Financial Affairs, Obaid Al Tayer
The International Monetary Fund had recommended a doubling of the VAT.
According to economists, before adopting any new IMF recommendation to increase the value-added tax, it is necessary to evaluate the pros and cons of the past two years since VAT was implemented and develop solutions that can make the scheme more effective to economy and society alike.
Al Tayer was questioned at the Federal National Council on the effect of VAT on the economy, more than two years after the levy was introduced. The first deputy speaker, Hamad Al Rahoumi, sought answers on whether the 5 per cent tax on goods and services has had a positive or negative impact.
Al Rahoumi asked whether a study had been conducted to measure VAT's impact. “Its impact - whether positive or negative - should have been measured by now,” he added.
The UAE introduced VAT on January 1, 2018, to pay for public services and continue the shift away from a dependence on oil as a source of revenue.

Beating forecasts

VAT revenues have reached Dh27 billion, far higher than was forecast in the first year of implementation. Initial projection was for Dh12billion, according to government data published last year.
Al Tayer said only 2018 data on VAT was available, which is insufficient to make a credible assessment of the tax impact. “The UAE introduced VAT on January 1, 2018, [a period] which is insufficient to make in-depth analysis of the VAT impact with reasonable credibility, considering that the 2019 data has not been issued as yet,” Al Tayer told the House.
Al Tayer said 2018 indices were for a very short period, which cannot gauge the VAT impact. “We need at least three to five years to study the impact of VAT on gross domestic product (GDP).
The minister also noted that geopolitical conditions, a drop in oil prices, coronavirus and sanctions imposed on certain countries have to be taken into account when assessing the VAT impact.

Gains to GDP

Al Tayer expected that 2020 will see an increase of nearly Dh37 billion in GDP to Dh1.50 trillion.
Al Tayer said GDP last year was Dh1.46 trillion and inflation at 1.5 per cent, while GDP in 2018 was Dh1.72 trillion and inflation was 3.69 per cent.
“In 2017, GDP was Dh1.41 trillion and inflation 1.97, while 2016 GDP was Dh1.41 trillion and inflation 1.61 per cent,” Al Tayer said.

For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our website www.a-h-g.net or drop us an email on info@a-h-g.net
We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for its needs which helps our clients comply with law requirements and Latest FTA Announcements.